After Making $12 Billion worth of Transactions in Ethereum NFT, OpenSea Starts Eyes on Solana

The market for non-fungible tokens (NFTs) is exploding and is headed by the leading NFT market – OpenSea. Or at least it used to be before it was overtaken by new looks. The latter is currently handling more than twice as much valuable traffic as OpenSea has registered.

Naturally, OpenSea is looking to expand its base beyond the Ethereum-based NFTs it hosts traditionally, as a number of other players come onto the market. According to recent reports, the platform may even soon have NFTs based on rival Solana’s blockchain, as Ethereum’s dominance in the space continues to decline.

This will also allow the largest market access to more collections that are becoming more popular.

Renowned hacker Jane Manchun Wong, who has previously revealed upcoming developments from popular platforms like Instagram and Facebook, revealed on Twitter that OpenSea is working to integrate Solana-based NFTs along with support Phantom wallet support.

It’s worth noting, however, that OpenSea has yet to issue a statement accepting or rejecting Wong’s claims.

This comes at a time when NFT transactions on the Solana blockchain surpassed the $1 billion mark in total volume in January 2022. In fact, the Solana-based Magic Eden market is the fourth highest in terms of blocks. daily transaction volume.

This could be a cause for concern for NFT maestro Ethereum, whose market dominance has dropped from 98% to 80% in recent months. Much of this can be attributed to rising gas fees and high transaction times that are characteristic of the network.

Although, as these problems also began to infiltrate Solana’s system as its popularity skyrocketed, its emergence as a competitor to Ethereum has also been severely challenged.

OpenSea itself is also facing some challenges as the threat from competitors gets closer and closer. The market has seen a boom this month as it surpassed the previous record made last September by making $3.8 billion in sales. In fact, researchers at Zapper found that since its inception, OpenSea has made over $12 billion worth of transactions through 25 million transactions.

However, it has recently fallen behind the recently launched look, which drove much of January’s momentum and flipped OpenSea dominance.

Furthermore, recent or upcoming market launches of centralized crypto exchanges such as Coinbase and FTX could influence OpenSea’s business more, giving more impetus to the decision to expand. vision beyond Ethereum.

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